764 - Laserfiche WebLink

Home Browse Search

IM Section 1102. The Trustee shall be entitled to payment and/or reimbursement for its reasonable fees for services rendered hereunder and all advances, counsel fees and other expenses reasonably and necessarily made or incurred by the Trustee in and about the execution of the trusts created by this Indenture and in and about the exercise and performance by the Trustee of the powers and duties of the Trustee hereunder, and for all reasonable and necessary costs and expenses incurred in defending any liability in the premises of any character whatsoever (unless such liability is adjudicated to have resulted from the negligence or willful default of the Trustee) . The City has made provision in the Lease Agreement for the pay- ment of said reasonable and necessary advances, fees, costs and expenses and reference is hereby made to said Lease Agreement for the provisions so made. In this regard, it is understood that the City pledges no funds or revenues other than those provided for in said Lease Agreement and the revenues derived from and the avails of the mortgaged property to the payment of any obligation of the City set forth in this Indenture, including the obliga- tions set forth in this Section 1102, but nothing herein shall be construed as prohibiting the City from using any other funds and revenues for the payment of any of its obligations under this Indenture. Upon default by the City, but only upon default, pursuant to the provisions of this Indenture pertaining to default, the Trustee shall have a first lien with right of payment prior to pay- ment on account of principal or interest of any bond issued hereunder upon the mortgaged property for said reasonable and necessary advances, fees, costs and expenses incurred by the Trustee. Section 1103. If a default occurs of which the Trustee is by sub- section (g) of Section 1101 hereof required to take notice or if notice of default be given it as in said sub -section (g) provided, then the Trustee shall give